Human Capital as a Productivity Multiplier: Evidence from China's Long-Term Growth Trajectory

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Cilt: 25 Sayı: 3
Human Capital as a Productivity Multiplier: Evidence from China's Long-Term Growth Trajectory

Human Capital as a Productivity Multiplier: Evidence from China's Long-Term Growth Trajectory

Pages : 1358-1372

View : 38 | Download : 60

Publication Date : 2025-11-30

Article Type : Research Paper

Abstract :This study examines the moderating role of human capital in the relationship between physical capital and economic growth in China during the 1990–2023 period. An augmented production function developed from neoclassical and endogenous growth theories is employed, treating human capital both as a direct factor of production and as a factor enhancing physical capital efficiency. Findings from FMOLS, CCR, DOLS, and VECM methods show that human capital significantly increases physical capital\\\'s productivity. The interaction term reveals that a 1% increase in human capital raises physical capital\\\'s contribution to output by 0.03–0.07%. VECM results confirm a strong long-term relationship. The study highlights the need for coordinated planning between infrastructure investments and human capital formation. It empirically validates human capital as a “productivity multiplier” and proposes a framework for assessing factor complementarities.
Keywords : Beşeri Sermaye, Fiziki Sermaye, Ekonomik Büyüme, Düzenleyici Etki, Eşbütünleşme Analizi.

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